THE annual Ernst & Young Entrepreneur of The Year Awards has been a pre-eminent business award that celebrates entrepreneurial excellence in more than 40 countries worldwide.

Each year, the award encourages the best entrepreneurs to step forward as role models to aspiring entrepreneurs and small and medium enterprises. As these winners share their blueprint for success, some take a step further by mentoring others.

Just as a baton is passed from one to another in a relay, mentors pass on wisdom that makes a difference in the lives of their mentees. As aptly described by John Maxwell, author of Developing The Leaders Around You, "Leadership is influence. Leaders who mentor potential leaders multiply their effectiveness."

Strong need for business mentors in Singapore

Today, more in Singapore are feeling the entrepreneurial passion. Last year alone, some 45,500 new start-ups were added to Singapore's economy, the equivalent of 125 new start-ups each day.

According to the inaugural Start-up Enterprise (STEPS) Survey, more than four in 10 of the start-ups have ventured into overseas markets.

Taking the first step into the world of entrepreneurship takes guts. But to take on competition in global markets as a young player, guts alone will not take you far. Ask any entrepreneur and he or she will share their fair share of trials and tribulations.

It is not surprising then that 88 per cent of our start-ups, being new to the game, are seeking assistance in the areas of operating and managing a business, business planning, financial management and marketing research and planning.

Singapore is beginning to see results in building a pro-business environment and encouraging our young to pursue their entrepreneurial dreams. However, nurturing an entrepreneurial nation needs more than infrastructure support and access to capital.

Now more than ever, a crucial factor that will boost Singapore's transformation into a creative and entrepreneurial nation lies in getting more business leaders to share their reservoir of knowledge and experience to provide the much-needed leg up for our young start-ups.

Borrowing wisdom

Benjamin Franklin once said: "There are two ways to acquire wisdom; you can either buy it or borrow it. By buying it, you pay full price in terms of time and cost to learn the lessons you need to learn.

"By borrowing it, you go to those men and women who have already paid the price to learn the lessons and get their wisdom from them."

What exactly is the value that mentors provide?

>> They help you see the "big picture". Often young start-ups are too busy with day-to-day details to take stock of their business. Mentors can identify strengths, weaknesses, opportunities and threats that they have missed, refocus on core business assets and goals, and pin down the fundamentals of the business.

>> Act as a resource to review and critique your strategies, and bounce off ideas. A mentor listens, stimulates and challenges your thinking. Often it is the questions they ask that are more valuable than the answers. By being a sounding board, a mentor may help you develop your own ideas and arrive at your own solutions to your business challenges.

>> Shares business networks. A mentor may be able to put you in touch with key business people and customers which may open new doors for your business. They may also refer you to other professionals to help you obtain the necessary specialist skills.

Mentoring tomorrow's leaders

Back in 2004, the Action Community for Entrepreneurship brought together a team of over 20 highly successful entrepreneurs, CEOs and senior management, including Wong Ngit Liong (Venture Corporation), Richard Eu (Eu Yan Sang), Chong Siak Ching (Ascendas), Ron Sim (Osim International), Michael Ma (Indochine) to offer a mentoring programme to young internationalising Singapore companies.

For over a year and a half, the mentor team selected six companies and worked with them, providing intensive discussion on their expansion strategies and assistance in the execution of their internationalisation plans.

Passing on the mentorship baton, some of the original mentees have joined the programme to mentor a new cohort of Singapore companies.

More business leaders are needed today to nurture our leaders of tomorrow. As we celebrate the achievements of Singapore's outstanding entrepreneurs who receive the honour this year, we hope that you will add one more accolade to your achievements - that of an outstanding mentor.

Contributed by The Action Community for Entrepreneurship (ACE)

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